Energy futures were mixed on Thursday amid broadly stronger US Dollar and solid global equities. An unexpected drop in the US crude oil inventories last week lifted crude oil. Energy prices were also boosted by better-than-expected data from the US labour market. US non-farm employment surpassed forecast last month. Crude oil rallied after the EIA reported that US stockpiles tumbled
Markit, a market research group, reported on Friday that British construction sector grew unexpectedly last month, but U.K. firms continued to be cautious about the future. The Markit/CIPS Construction Purchasing Managers' Index climbed to 50.9, the highest since July, compared to a reading of 49.5 in the preceding month. Analysts, however, expected that the index would be equal to 49.1
The dollar gained against its major peers after U.S. unemployment data exceeded expectations and consumer confidence advanced showing a trend for global recovery. The greenback rallied 0.3% to 1.2901 per euro by 7:11 a.m. in London, while the weekly increase was also at 0.3%. The yen tumbled 0.2% against the dollar and stayed at 80.28.
Industrial metals rallied after encouraging China's PMI data. Chinese PMI rose to 50.2 from 49.80 last month, indicating that the country's manufacturing activity started to expand. Positive data from the US also spurred the rally. US manufacturing activity expanded at the fastest pace in five months while US private sector employment beat estimates in October.Aluminum was the top-performer on brighter
Asian equities reached their biggest rise in two weeks after data showed U.S. employment and manufacturing improved. The MSCI Asia Pacific Index gained 0.8% and the Nikkei 225 Stock Average edged 1.2% higher. The gauge of MSCI index has rallied 13% since its lowest level in June on asset purchases the U.S. and Japan increased to revive their economies.
Destatis reported on Wednesday that Germany's retail sales grew more than expected in September. Retail sales advanced by 1.5% on a seasonally adjusted basis last month, compared to a revised down figure of 0.1% in the preceding month. Economists, however, expected a more moderate increase of 0.3%.
Precious metals except for gold moved higher on Tuesday despite strong downward pressure from the US Dollar. Upbeat US data coupled with uncertainty over easing measures in the country continued to push the commodity group lower. Meanwhile, market players remained cautious ahead of US presidential elections on November 6.Gold was the only loser after better-than expected reports from the US
Greek stocks fell for the sixth consecutive day on worries the government may fail in complying with austerity measures. The FTSE/Athex Banks Index touched its lowest level since early September by plunging 12%. Meanwhile, the ASE index tumbled 5% to 761.24, resulting in a weekly decline of 13%. National Bank of Greece SA dropped 12 %, the Public Power Corporation slumped 11%, and Opap SA slid
Last week consumer confidence almost hit its six-month high, since consumers become more optimistic about the economic outlook for the U.S. The report released by the Conference Board showed the consumer confidence index surged from 68.4 in September to 72.2 the prior month. The Bloomberg Comfort index slightly decreased to minus 34.7, yet advancing from its low in mid-April. The confidence was bolstered by lowered fuel
German equities are trading higher on Thursday as positive data from the world's first and second economies prompted inventories to turn to riskier assets. China's PMI beat estimates in October while US non-farm private employment figure surpassed forecast last month. Easing concerns over Greece also added to gains of German shares. The DAX Index rallied 0.77% and is currently trading
UK equities rallied on Thursday after encouraging US data. US businesses added 158,000 jobs last month, exceeding forecasts of a 135,000 increase. Positive China's PMI data also boosted market sentiment. However, the upswing was capped by disappointing UK PMI release. The national PMI contracted to 47.5 in October, confronting expectations of a decrease to 48.1 last month. The FTSE 100
Hong Kong shares inched up on Thursday on positive China's PMI reading. China's PMI showed expansion in October, spurring hopes that the world's second-largest economy is stabilizing. Market sentiment was further boosted by record liquidity injection by the POBC at the end of the month. The Hang Seng Index added 0.83% to close at 21,821.87. Eight out of nine sectors
Japanese equities advanced on Thursday on positive manufacturing data from China. China's PMI attained three-month high of 50.2 in October, suggesting that the country's manufacturing activity swung from contraction to expansion. Meanwhile, investors remained cautious ahead of key US data releases due later in the day. The Nikkei 225 Index jumped 0.21% to close at 8,946.87. Six out of ten
US blue chips traded in the red territory, after reopening from two day long closure in wake of Hurricane Sandy. Dow came under heavy pressure after Chicago PMI showed worse-than-expected improvement in October. However, encouraging headlines from the eurozone capped losses of the US blue chips. Greece finally agreed on its budget while Spanish PM said that the country needs
US stocks inched up at after-hurricane trading on Wednesday amid positive news from the eurozone. Greece agreed on its budget plan and Spain hinted that it needs EU help to meet its deficit targets. However, worse-than-expected Chicago PMI reading coupled with mixed quarterly reports created heavy pressure on the US stock index. The S&P 500 Index added 0.02% to end
On Thursday, U.S. stock-index futures were gaining after a report showed that the number of Americans filing for unemployment benefits was less than expected. Pfizer Inc. declined by 0.7% after it decreased the forecast for 2012. December futures on the Standard & Poor's 500 Index added 0.2% to 1,409.1 by 8:47 a.m. New York time.
The U.S. Bureau of Labor Statistics reported on Thursday that U.S. non-farm productivity increased more than expected during the last quarter. Non-farm productivity added 1.9% on a seasonally adjusted basis in Q3, unchanged from a revised down figure of 1.9% growth in the preceding quarter. Economists expected a 1.6% gain.
On Thursday, European stocks were advancing on reports that showed an increase in U.S. employment and a rebound in China's manufacturing. The Stoxx 600 added 0.7% to a level of 272.09 by 1:14 p.m. London time. Earlier, the index was also gaining during the five previous trading sessions.
Farm commodities apart from coffee moved higher on Wednesday, supported by broadly softer greenback and easing worries over Hurricane Sandy. Adding to the positive mood of rural commodities, weather in Brazil deteriorated prompting buyers to turn to US supplies.Wheat climbed as US winter-varieties are in the worst condition in 27 years due to severe drought this summer.Corn jumped as adverse
Energy futures tumbled on Wednesday despite weaker US Dollar and easing concerns over Hurricane Sandy. Meanwhile, market players awaited fresh report on the US crude oil stockpiles due on Thursday. Experts predict the US supplies may have stockpiled further last week, thus pushing energy prices down.Crude oil moved down as US inventories are expected to have increased last week. At
The greenback advanced for the first time in three days against the Euro as traders believed in safety of the U.S. currency after factory data from Sweden and Norway fueled belief that Europe's debt crisis is weakening growth. The Dollar added 0.2% to $1.2937 per Euro and rose 0.3% to 80 Yen, while the Yen slid 0.1% to 103.49 per
Russia's factory output increased for the second straight month in October, posting its best total performance since May, Markit Economics showed on Thursday. The HSBC Russia Manufacturing PMI climbed to 52.9, exceeding the long-run Markit survey average of 52.1. The advance was led by a 1.5-year fast growth rate in new orders.
Hong Kong's retail sales advanced at a significantly higher pace in September, Census and Statistics Department reported on Thursday. Retail sales volume, measured in constant prices, soared 8.5% on year way above expected 5.8% increase, after a 3.2% rise in August. In the January-September period, retail trade expanded 3.2% from the same period in 2011.
Base metals were mixed on Wednesday on encouraging news from China. The POBC pumped USD62.7 billion into financial system via reverse repos to ease liquidity conditions at the end of October. Industrial metals also received a boost after Greece approved its budget plan.Aluminum was the top-loser despite improved spot demand. Aluminum inventories remained elevated in spite of a recent drop